South African billionaire Jannie Mouton loses $115 million on Capitec shares in third quarter

South African billionaire Jannie Mouton lost $115 million on his stake in Capitec in the third quarter of 2026, as shares of the country's largest retail bank fell 7% on the Johannesburg Stock Exchange.

Mouton, whose full name is Johannes Fredrick Mouton, founded investment group PSG in 1995. He co-founded Capitec in 2001 with Michiel Le Roux and Riaan Stassen, and PSG financed the bank in its early years. He owns 5,917,727 Capitec shares through the JF Mouton Family Trust, about 5.1% of the bank.

Capitec closed at 4,729.06 rand on July 1 and at 4,396.21 rand on Sept. 30. Billionaires.Africa calculations show the fall cut the value of Mouton's stake from $1.70 billion to $1.59 billion. The rand was little changed during the quarter, moving from 16.44 to 16.39 per dollar, so the loss came from the share price.

Capitec has more than 26 million clients, more than any other South African bank. It became the country's most valuable bank this year, with a market value of about 566 billion rand in July, and its shares rose 191% in the five years to July.

On Sept. 10, Capitec said interim headline earnings per share would be 18% to 20% higher for the six months to August than a year earlier. The stock fell more than 4% that day. Investors were paying about 26 times expected earnings for the shares at the time, a premium to other South African banks.

During the quarter the bank changed its registered name to Capitec Limited from Capitec Bank Holdings. It also added a secondary listing on A2X Markets, a smaller Johannesburg exchange. Its interim results were due on Sept. 30.

Mouton also owns 163.7 million shares in PSG Financial Services, the JSE-listed wealth manager, asset manager and insurer formerly known as PSG Konsult, which grew out of the PSG group he founded. The $115 million loss covers his Capitec stake only.

PSG held 58% of Capitec when the bank listed in 2002. It later distributed its entire Capitec stake to its own shareholders, and the Mouton family has kept large direct holdings in the bank since.

Mouton's son Piet Mouton, a former chief executive of PSG Group, holds 6,685,622 Capitec shares, which lost about $130 million in value during the quarter. Le Roux, Capitec's largest individual shareholder, lost about $256 million on his 13,164,393 shares.

The Jannie Mouton Stigting, the foundation Mouton set up in 2017, bought private school group Curro and took it off the JSE, turning it into a not-for-profit operation.